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Fincantieri recently pitched idea of TKMS tie-up to Berlin, Handelsblatt says

Reuters
·1 min read

FRANKFURT (Reuters) - Fincantieri Chief Executive Pierroberto Folgiero recently pitched the idea of a tie-up with Thyssenkrupp's defense division, which is currently up for sale, to members of Germany's government, Handelsblatt reported.

Fincantieri has for years been considered a potential partner in efforts by Thyssenkrupp to sell its Marine Systems (TKMS) division, which makes frigates and submarines, with Folgiero last year touting the benefits of a combination.

Thyssenkrupp has been trying to find a buyer for the division and is currently in talks with private equity firm Carlyle and German state lender KfW about selling stakes in TKMS.

Thyssenkrupp did not comment on the report, only confirming it was currently evaluating a partial sale of stakes in TKMS to Carlyle as well as the German government, adding a spin-off was also under consideration.

A spokesperson for Fincantieri declined to comment

The German government was not immediately available for comment

(Reporting by Christoph Steitz and Gianluca Semeraro; Editing by Toby Chopra)